Covenant Logistics Group, Inc. (NASDAQ:CVLG) Short Interest Down 12.2% in November

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 76,000 shares, a decrease of 12.2% from the October 31st total of 86,600 shares. Based on an average daily volume of 54,000 shares, the short-interest ratio is presently 1.4 days. Approximately 1.0% of the company’s shares are short sold.

Insider Buying and Selling

In other news, Director Bradley A. Moline sold 7,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.64, for a total value of $417,480.00. Following the transaction, the director now directly owns 46,992 shares in the company, valued at $2,802,602.88. This trade represents a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Several large investors have recently made changes to their positions in the company. State Street Corp increased its position in shares of Covenant Logistics Group by 6.2% during the 3rd quarter. State Street Corp now owns 208,517 shares of the company’s stock valued at $11,018,000 after purchasing an additional 12,138 shares during the period. Foundry Partners LLC lifted its position in shares of Covenant Logistics Group by 6.2% in the 3rd quarter. Foundry Partners LLC now owns 196,303 shares of the company’s stock valued at $10,373,000 after acquiring an additional 11,459 shares in the last quarter. American Century Companies Inc. grew its position in Covenant Logistics Group by 29.4% during the 2nd quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock worth $5,625,000 after purchasing an additional 25,913 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Covenant Logistics Group by 24.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after buying an additional 21,401 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Covenant Logistics Group by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 89,890 shares of the company’s stock valued at $4,750,000 after purchasing an additional 4,556 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, TD Cowen reduced their price target on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Friday, October 25th.

Covenant Logistics Group Stock Up 0.3 %

Covenant Logistics Group stock traded up $0.17 during midday trading on Friday, hitting $58.08. 25,245 shares of the stock were exchanged, compared to its average volume of 63,891. Covenant Logistics Group has a 1 year low of $41.38 and a 1 year high of $61.54. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The firm has a market cap of $765.49 million, a P/E ratio of 14.38 and a beta of 1.35. The company has a 50 day moving average price of $54.29 and a two-hundred day moving average price of $51.62.

Covenant Logistics Group (NASDAQ:CVLG) last announced its earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. The company had revenue of $287.89 million for the quarter. During the same period in the previous year, the company earned $1.13 earnings per share. On average, sell-side analysts predict that Covenant Logistics Group will post 4 earnings per share for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Friday, December 6th. Covenant Logistics Group’s dividend payout ratio (DPR) is 14.47%.

About Covenant Logistics Group

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.